New Mexico § 7-1-63 - Assessment of tax due; application of payment
Full text of New Mexico New Mexico Statutes Annotated § 7-1-63 — Assessment of tax due; application of payment, with citation guidance and answers to common questions.
§ 7-1-63. Assessment of tax due; application of payment
A. If, after any business is transferred to a successor, any tax from operating the
business for which the former owner is liable remains due, the successor shall pay
the amount due within thirty days. If the successor fails to pay within thirty days of the date notice provided for
in Section 7-1-62 NMSA 1978 was mailed or if a certificate was not requested, the department shall assess the
successor the amount due. B. Upon the payment of the amount due from the amount placed in a trust account as
provided by Subsection C of Section 7-1-61 NMSA 1978 , the balance, if any, remaining may be released to the former owner or otherwise
lawfully disposed of. The former owner shall be credited with the payment of tax. C. A successor may discharge an assessment made pursuant to this section by paying
to the department the full value of the transferred tangible and intangible property. The successor shall remain liable for the amount assessed, however, until the amount
is paid if: (1) the business has been transferred to evade or defeat any tax; (2) the transfer of the business amounts to a de facto merger, consolidation or mere
continuation of the transferor's business; or (3) the successor has assumed the liability.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 7-1-63
What does New Mexico Statutes Annotated § 7-1-63 cover?
Section 7-1-63 ("Assessment of tax due; application of payment") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 7-1-63?
A common citation format is "New Mexico Statutes Annotated § 7-1-63" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 7-1-63 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.